Tunis/Tunisia — World Bank (WB) Vice President for the Middle East and North Africa Ferid Belhaj said "we can see hopeful signs of light through the tunnel, especially with the deployment of vaccines, but the MENA region remains in crisis." "Strong institutions are crucial to absorbing this crisis, re-launching economies, and building them back stronger and more resilient in the years ahead." Notably, debt among MENA oil importers is expected to average about 93% of GDP in 2021. MENA countries will have no choice but to continue spending on healthcare and social protection as long as the pandemic continues. Consequently, in a post-pandemic world, most MENA countries may find themselves stuck with debt service bills requiring resources that otherwise could be used for economic development," the WB said.

Source: The North Africa Journal April 02, 2021 21:33 UTC